Medivation Inc. gained financial flexibility as it prepares for Phase III trials in Alzheimer's disease next year.

The San Francisco-based company entered a deal under which it may sell up to $100 million of registered common stock to Azimuth Opportunity Ltd. over an 18-month period. The number and price of shares sold in any draw will be determined by a formula that would offer a small discount to fair market value at the time.

Medivation is not obligated to use any of the $100 million facility and remains free to enter other financing transactions. It would determine the timing, dollar amount and floor price per share of each transaction under the committed equity line of credit facility.

Medivation has small-molecule drug candidates in clinical development for treating Alzheimer's disease, Huntington's disease and hormone-refractory prostate cancer. In June, it reported 12-month Phase II data showing its lead compound, Dimebon, preserved function and prevented progressive deterioration in Alzheimer's disease patients after one year of therapy, effects that were greater than those seen at six months. The trial reached statistical significance across all study endpoints, including cognition, overall clinical function, activities of daily living and behavior. (See BioWorld Today, June 12, 2007.)

Medivation's stock (NASDAQ:MDVN) gained 8 cents Monday to close at $19.47.

In other financing news:

• MediGene AG, of Martinsried, Germany, is receiving €15.6 million (US$21.5 million) though a private placement of stock with Santo Holding (Germany) GmbH. Santo is buying nearly 3.1 million shares at €5.05 per share, giving it a stake of 9.1 percent in MediGene and making it the largest investor in the company.

• F-star, of Vienna, Austria, raised €6 million (US$8.3 million) in a Series A financing with Aescap Venture and Atlas Venture. The antibody-engineering company is developing antibodies and antibody fragments based on its Modular Antibody Technology, which it said uses vast libraries to introduce additional binding sites into antibodies and antibody fragments by engineering non-CDR loops. The financing comes eight months after F-star raised €1.5 million in seed financing from Atlas Venture.

• Antigenics Inc., of New York, completed its previously announced offering of 1.62 million common shares at $3.08 per share to Fletcher International Ltd. Gross proceeds were $5 million. Fletcher also has the option to invest up to $15.25 million more through the conversion of preferred stock. Wm Smith Securities Inc. was placement agent.

• Millennium Biotechnologies Group Inc., of Basking Ridge, N.J., raised $2.28 million in a private placement of securities. The company is developing nutraceutical products and specialized nutritional supplements, including those targeting oncology markets.